Foreclosures | Mortgages | Financing
In its tax reform proposal, the Senate is preserving the mortgage interest deduction at an amount that is double that proposed by the House. Much else must still be reconciled.
On Thursday, the tax reform plan unveiled by the Republican-dominated Senate eliminates deductions for state and local income taxes.
But their GOP counterparts in the House took a different tact with their previously released proposal, allowing up to $10,000 in such taxes to be deducted.
From:: Financing
Interest rates on residential loans moved lower this past week in line with long-term bond yields. But indices on adjustable-rate mortgages moved higher.
Thirty-year fixed rates averaged 3.90 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that finished on Nov. 9.
Long-term rates retreated 4 basis points compared the the prior report. But the 30 year remains 33 BPS higher than as of a year prior.
From:: Financing
Electronic Arts Inc. announced Thursday that it will acquire Respawn Entertainment, a videogame studio known for the “Titanfall” series of games. The company said it has agreed to pay $151 million in cash for Respawn, along with $164 million in equity awards that will vest over a four-year period. There are additional incentives in the deal that could be realized through performance milestones, capped at $140 million, and the deal is expected to close around the end of the year. EA and Respawn already work closely together, with EA publishing both of the “Titanfall” titles and the two companies working on a videogame based in the “Star Wars” universe, EA said in its announcement. “We’ve seen firsthand the world-class caliber of Respawn as a development studio with incredible vision, deep talent and an inspiring creative mindset,” EA Chief Executive Andrew Wilson said in the news release. EA shares were quiet in late trading following the announcement, but have gained 42.1% so far this year, while the S&P 500 index has increased 15.9%.
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From:: Stock Market News
Walt Disney Co. is making a new “Star Wars” trilogy, the company said Thursday. Disney said it is tapping Rian Johnson, who directed the upcoming film “Star Wars: The Last Jedi” to write and direct the first of the new films, and create the entire trilogy. The new trilogy will be separate than the Skywalker-themed episodic saga, the company said, and will introduce new characters “from a corner of the galaxy that ‘Star Wars’ lore has never before explored.” Disney stock is up a fraction to $103.07 after hours. The stock has dropped 1% this year, with the S&P 500 index rising 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of Puma Biotechnology Inc. fell more than 8% late Thursday after the biotech company reported an adjusted third-quarter loss in line with expectations, and sales that were above Wall Street forecasts. Puma reported a net loss of $77.2 million, or $2.07 a share, for the quarter, compared with a net loss of $65.8 million, or $2.02 a share, in the year-ago period. Adjusted for one-time items, the company lost $50.7 million, or $1.36 a share, in the quarter, compared with a net loss of $36 million, or $1.11 a share, a year ago. Revenue reached $6.1 million, and consisted of sales of Nerlynx, Puma’s first and only commercial product to date, used to treat breast cancer. The Food and Drug Administration approved Nerlynx in July, and shipments to wholesalers started in late July. Analysts polled by FactSet had expected an adjusted loss of $2.06 a share on sales of $4.1 million.
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From:: Stock Market News
Nvidia Corp. shares looked for direction in the extended session Thursday after the graphics-processing unit maker topped Wall Street results for the quarter. Nvidia shares, which had risen as much as 2% after the report, were last down 0.3% at $204.67 after hours, following a 1.8% decline in the regular session. The company reported third-quarter net income of $838 million, or $1.33 a share, compared with $542 million, or 83 cents a share, in the year-ago period. Revenue rose to $2.64 billion from $2 billion in the year-ago period. Analysts surveyed by FactSet had estimated 95 cents a share on revenue of $2.36 billion. For the fourth quarter, Nvidia estimates revenue of $2.65 billion, plus or minus two percentage points. Analysts had forecast revenue of $2.44 billion.
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From:: Stock Market News
Nordstrom Inc. shares fell more than 3% late Thursday after the retailer’s comparable-store sales fell more than Wall Street expected, and sales were slightly below forecasts. Nordstrom said it earned $114 million, or 67 cents a share, versus a loss of $10 million, or 6 cents a share, in the year-ago period. Revenue rose to $3.54 billion, from $3.47 billion a year ago. Analysts polled by FactSet had expected earnings of 64 cents a share on sales of $3.57 billion. Comparable-store sales fell 0.9%, compared with expectations of a decline around 0.3% according to FactSet. Nordstrom kept its call for flat comparable sales for fiscal 2017 and tweaked lower the upper limit of its forecast for 2017 per-share earnings to between $2.85 a share and $2.95 share, from a previous guidance of between $2.85 a share and $3.00 a share.
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From:: Stock Market News
Despite the firm selloff in the major indexes from record highs Thursday, the Arms Index, used to measure buying or selling intensity, suggested investors were in a buying mood. On big down days, the Arms tends to rise above 1.000, as the ratio of down volume to up volume rises relative to the ratio of declining stocks to rising stocks. But the NYSE Arms slipped to 0.699–though the Nasdaq Arms approached 1 at 0.997–a sign that buyers on the dip have been more aggressive than sellers. The Nasdaq Composite Index fell the most since late October, as did the Dow Jones Industrial Average and the S&P 500 . Those moves came as the CBOE Volatility Index , a measure of implied volatility, jumped 7.7% to trade at 10.53, still far below its historically average at around 19.
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From:: Stock Market News
Walt Disney Co. shares fell in the extended session Thursday after the company reported an earnings and revenue miss. Disney shares fell more than 3% to $99.34 after hours. The company reported fiscal fourth-quarter net income of $175 billion, or $1.13 a share, compared with $1.77 billion, or $1.10 a share, in the year-ago period. Adjusted earnings were $1.07 a share. Revenue fell to $12.78 billion from $13.14 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.15 a share on revenue of $13.3 billion. For the fiscal first quarter, analysts model earnings of $1.66 a share on revenue of $15.48 billion. Disney stock has dropped 1% this year, with the S&P 500 index rising 16%.
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From:: Stock Market News
U.S. stocks closed lower on Thursday, with major indexes retreating from record levels and the Dow snapping a seven-day winning streak as the latest details on tax legislation out of Washington pointed to a less aggressive timetable than investors had hoped. The Dow Jones Industrial Average fell 101 points, or 0.4%, to 23,462. The S&P 500 ended down by 0.4%, or 9.8 points, at 2,585. The Nasdaq Composite Index fell 0.6%, or 39 points, to 6,750. Thursday marked the biggest one-day percentage decline for all three since late October. The decline came after tax legislation unveiled by Senate Republicans indicated it would delay a cut in the corporate rate until 2019, as opposed to next year, as proposed by House Republicans. The day’s losses were led by the industrial sector, which fell 1.3%, and materials and technology stocks, both of which fell 0.8%. On the upside, Roku Inc. soared 55% a day after it reported earnings and revenue that came in above analyst forecasts.
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From:: Stock Market News